Hi I was wondering if I could get some advice please before I go engaging an accountant etc.
I am setting up a business.
I will be selling computer components and offering computer services
Customers will be regular consumers, unlikely to be selling to business at the moment
This is a side business to see how things go and earn a little extra income.
I will be registering the business name
I assume I will need to file accounts each year even if I don't make a profit/income ?
Should I register for VAT now ?
Turn over is likely to be under the threshold but are there other advantages to being VAT registered ?
I will be sourcing my components from the UK, if I have a VAT number I can buy parts Ex VAT.
If I'm under the threshold I can sell them on without charging VAT ?
I realize all this will be better answered and set up with an accountant but I'm just trying to have an idea before I go to one.
I am setting up a business.
I will be selling computer components and offering computer services
Customers will be regular consumers, unlikely to be selling to business at the moment
This is a side business to see how things go and earn a little extra income.
I will be registering the business name
I assume I will need to file accounts each year even if I don't make a profit/income ?
Should I register for VAT now ?
Turn over is likely to be under the threshold but are there other advantages to being VAT registered ?
I will be sourcing my components from the UK, if I have a VAT number I can buy parts Ex VAT.
If I'm under the threshold I can sell them on without charging VAT ?
I realize all this will be better answered and set up with an accountant but I'm just trying to have an idea before I go to one.